Covid-19 Crisis Plan

Over 2,000 have signed up for this free webinar on March 24 at 7 pm ET: How to protect yourself, your biz, your real estate investments as well as clients, employees, suppliers, guests, residents, tenants… in a time of Covid-19

Listen as 20-experts give their views and take questions…

Register now, https://www.covidcrisisplan.com/brucefirestone

Prof Bruce is one of the presenters.

Here in point form are some of the suggestions Firestone will be dealing with:

GREAT DEPRESSION ECONOMIC CONTRACTION: INDUSTRIAL PRODUCTION DROPPED BY OVER 40% IN US, CANADA AND GERMANY BETWEEN 1929 AND 1933

China feeling pain first — and most brutally — GDP growth declines to -40% in first quarter

Canada can expect similar results: 3-months and 40% decline in GDP

Severity of Great Depression in US becomes clear when compared with America’s next worst recession, Great Recession of 2007–09, during which nation’s real GDP declined just 4.3%

Canada up to the job…

Parents and grandparents coped with:

• Great War
• Spanish Flu (25 to 39 m dead)
• Great Depression (25% unemployed)
• World War II
• Korean War

Cold War & potential nuclear Armageddon

“Tenant rescue package”

(For both commercial & residential portfolios)

1. On case by case basis, tenants get… reduction in rent (by half or more) for three months followed by six to nine months of higher payments to catch up

2. Results in good reputation for landlord + loyal tenants who stay longer reducing tenant churn and, as a result, landlord make-ready costs and vacancies, crucial to longterm portfolio profitability

Colonnade BridgePort provides dental practice with full rent deferral until crisis passes

Make your clients more successful to make yourself more successful…

Tenants can now pay rent with credit card and earn points (Randy Irwin)

Credit card company sends landlord rent via e-transfer so landlord doesn’t pay any card fees…

Get Digs, venture from RBC Ventures Inc, subsidiary of the Royal Bank of Canada (RBC)

Team behind Get Digs made up of renters who know first-hand how frustrating and inconvenient paying rent can be

BALANCE YOUR RISKS, REDUCE YOUR COSTS TOO

Ask lenders for mortgage deferrals

Stock up on….

CASH

Prompt Financial up to $40k, 8.99% and some fees too

Home Trust HELOC

Your mortgage broker really is your… CFO, chief financial officer

Offer free stuff?

~ BOOKS ~

~ WEBINARS ~

~ VIDEO TUTORIALS ~

Keep selling but offer terms, buy now, pay later… but be sensitive to the room

Freeze or reduce spending including paying suppliers and tax payments (but call the tax office!)

Preserve cash

Interest rates decreasing

Buy when everyone else is selling…

Historic buying opportunity?

New homes in south Florida in 2007: $875,000 USD

Bought two on same street in 2009/10: $350,000 (both from one seller in foreclosure)

Sold one in 2016 for: $850,000

Kept the other one, free and clear

What will the future bring now?

Tech Packages

Add to landlord income via?

Basement apartments

Sideyard apartments

Coach houses

Backyard workshops/makerspaces

Microsuites

Home offices

Home micro retail

Backyard storage sheds

Backyard yurts

Add to tenant income via?

Augmented tenancies [com and res]

Gig economy/PB4L?

Home based nail bar or in-home elder care

Physio practice or registered massage therapy

Photography studio

Daycare

Yoga studio or hair salon

Coaching (!)

Esty crafter, craft store, craft teacher

Tutoring or bookkeeping office

Storefront law office/real estate office

IT service & repair

Art studio

Garage office

• Reduce travel time and CO(2), go green for real
• FEHAJ, Isabelle Bradbury
• FEJAH, for every job a home

Less need for office and retail space, more mixed use, just add microsuites…

• Grow local/backyard homesteading
• Reduce waste
• Local energy production

FOR REAL ESTATE INVESTMENT AND BUSINESS COACHING THAT’LL HELP YOU PROVIDE FOR YOURSELF AND YOUR FAMILY FOR 3-GENERATIONS, PLEASE CONTACT:

• Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
• Real Estate Investment and Business coach
• Century 21 Explorer Realty Inc broker
• Ottawa Senators founder
• 1-613-762-8884
• bruce.firestone@century21.ca
• https://www.linkedin.com/in/profbruce/twitter.com/ProfBruce
• https://brucemfirestone.com/blog/
• profbruce.tumblr.com/archive
• https://www.youtube.com/user/ProfBruce/
• https://www.facebook.com/groups/reiroi
• brucemfirestone.com

BOOK YOUR FREE CLARITY CALL WITH PROF BRUCE NOW, https://brucemfirestone.com/coaching/prof-bruce-real-estate-investment-and-business-coaching/talk/

•             MAKING IMPOSSIBLE POSSIBLE

•             FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE

•             FEHAJ, FOR EVERY HOME A JOB, FEJAH, FOR EVERY JOB A HOME

•             MAKE YOUR HOME WORK FOR YOU, INSTEAD OF YOU WORKING FOR IT

•             HIGHER ROI NOT JUST FOR OWNERS AND INVESTORS, BUT FOR TENANTS, GUESTS, VISITORS, NEIGHBORHOODS, COMMUNITIES, TOWNS, VILLAGES, CITIES AND THE ENVIRONMENT TOO

Image source: Henrique Alvim Corrêa – Wells, H.G. War of the Worlds (1906, French ed.), Public Domain, https://commons.wikimedia.org/w/index.php?curid=1567389